Oslo-based Minnow Snaps Up Stake In Norwegian Prospect

Oslo-based junior Pandion Energy has bought a 20% stake in the Norwegian Sea’s Slagugle oil and gas prospect from US major ConocoPhillips

Pandion said on July 17 it would prepare to sink its first well at the site in either 2020 or 2021, pending approval by Norwegian authorities.

“With this farm-in we commit to our fourth exploration well in less than a year, demonstrating the importance of exploration and appraisal activities in Pandion Energy’s growth strategy,” company CEO Jan Christian Ellefsen commented. “Once again we have identified and secured an attractive exploration opportunity close to existing fields and discoveries in the Norwegian Sea."

The Slagugle prospect lies with production licence 891, in the prolific Haltenbanken area. ConocoPhilips will remain the project’s operator, retaining an 80% stake.

Pandion plans to drill other wells at two other Norwegian Sea prospects, Appolonia and Godalen, operated respectively by Norway’s Equinor and Capricorn Oil, an upstream arm of UK-based Cairn Energy.

ConocoPhillips’ decision to trim its stake in the Slagugle prospect follows its recent $2.7bn sale of North Sea assets to private equity-backed Chrysaor.